ActionPoint, Formerly Input Software, Announces First Quarter Results; Ships New eCommerce Product Solution to Beta Sites.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 24, 2000 ActionPoint, Inc., formerly Input Software, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :INPT INPT Institut National Polytechnique de Toulouse (French school) INPT Inpatient INPT In-Port INPT Institute National des Postes et Telecommunications (Moroccan School) ), today announced operating results for the first quarter 2000. Recent Highlights -- Name changed to reflect company's shift in focus to e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. software. -- ActionPoint Interaction Management System ships to beta clients. -- Xerox signs agreement for European-wide system implementation. Revenues for the first quarter of 2000 were $4.6 million, a 12% decrease when compared to revenues of $5.3 million for the same period of 1998. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , exclusive of a one-time stock related bonus charge of 2.6 million, were $5.9 million, up from $4.5 million for the first quarter of 1999. The increase is due substantially to investments in product and market development for the ActionPoint family of products. Additionally the Company wrote off a $500,000 minority equity investment. The net loss for the first quarter of 2000, excluding these one-time charges, was $2.1 million or 50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The net loss for the first quarter of 2000, inclusive of inclusive of prep. Taking into consideration or account; including. these charges, was $5.1 million, or $1.24 per share as compared to a net profit of $127,000, or $0.03 per share for the first quarter of 1999. "During the first quarter we saw a shift in buying patterns from our Global 1000 customer base as they begin to move away from traditional paper based applications in order to focus on e-commerce solutions," commented Kimra Hawley, ActionPoint's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This affected first quarter revenue from our traditional InputAccel document capture product lines. "We anticipated this shift in focus several quarters ago, and began making significant investments in a new XML-based e-commerce software application. I am pleased to report that this investment is now paying off with our first beta shipments of the new ActionPoint products, the world's first Interaction Management System for B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. . The market reception for this new product line has been very strong, from both the new Web-based net market intermediaries and established Global 1000 customer base. We believe that many of these `brick and mortar' companies will emerge as leaders in the new economy, and feel we have positioned the company to be the supplier of choice as customers move more and more of their businesses to Web-based commerce." Ms. Hawley continued, "To reflect our new focus on B2B e-commerce solutions, we unveiled our new company name, ActionPoint, Inc., which better communicates the company's focus of simplifying complex Web interactions everywhere people and e-commerce processes meet - an action point." "During the quarter we also announced signing of a significant agreement with Xerox Corporation (company) XEROX Corporation - http://xerox.com/. See also XEROX PARC, XEROX Network Services. , who selected our technology as a key component of their pan-European Shared Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (SFS (1) (Self-certifying File System) A global, network file system sponsored by DARPA that runs under Unix. Providing strong security in an untrusted environment, it enables any client to access any server that supports it. ) Project to streamline internal e-business processes," concluded Hawley. About Actionpoint, Inc. ActionPoint, Inc., formerly Input Software, Inc., provides e-commerce interaction management software for Global 1000 organizations and net marketplaces. The ActionPoint Interaction Management System enables e-businesses to rapidly build and deploy dynamic and intelligent Web interfaces for action points -- interactions between people and e-commerce systems. It also streamlines the collection and transformation of mission-critical information -received via the Web, email or as traditional paper-based documents -and ensures delivery of this as validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. and formatted e-content to enterprise or B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business process automation systems, triggering real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. processes. ActionPoint, Inc.'s NASDAQ ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors `INPT' will change to `ACTP' on April 26, 2000. The company recently appeared on Deloitte and Touche's 1999 Silicon Valley Technology "Fast 50" listing of fastest growing technology companies. For more information, visit the company's Web site at http://www.actionpoint.com.
Summary financial results for ActionPoint:
(dollars and shares in thousands)
Q1:00 Q4:99 Q1:99 Trailing
12 months
Revenues $ 4,613 $ 5,601 $ 5,260 $ 21,531
Gross margin 82% 84% 86% 85%
Operating margin(a) (47%) (16%) 0% (14%)
Net income(a) $ (2,063) $ (495) $ 127 $ (2,331)
Diluted EPS(a) $ (0.50) $ (0.12) $ 0.03 $ (0.55)
Cash and marketable
securities $6,394 $9,193 $12,630 N/A
Weighted average shares 4,134 4,047 4,723 4,226
(a) Exclusive of one-time charges in Q1:00 Please note: Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Certain information included in this news release (as well as information in oral statements or other written statements made or to be made by ActionPoint, Inc.) contain statements that are forward-looking, such as statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the future anticipated direction of the futures and securities industry, plans for future expansion, various business development activities, planned capital expenditures, anticipated sales, potential contracts, dependence on existing management, domestic and global economic conditions, changes in federal or state laws, and market competition factors. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of ActionPoint, Inc.
ACTIONPOINT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended March 31,
2000 1999
Net revenues $ 4,613 $ 5,260
Cost of revenues 828 714
Gross profit 3,785 4,546
Research and development 1,747 1,229
Sales, general, and administrative 4,200 3,303
Operating income (loss)
before stock related bonus expense (2,162) 14
Stock related bonus expense 2,576 -
Operating income (loss) (4,738) 14
Interest income/other 106 175
Write-off of investment in Cornerstone (500) -
Pretax income (5,132) 189
Provision for income taxes 7 62
Net income (loss) $ (5,139) $ 127
Basic and diluted EPS:
Net income (loss) $ (1.24) $ 0.03
Shares used in basic EPS calculation 4,134 4,710
Shares used in diluted EPS calculation 4,134 4,723
Proforma excluding one-time charges
for stock related bonus and
investment write-off:
Net income (loss) (2,063) 127
Basic and diluted EPS $ (0.50) $ 0.03
ACTIONPOINT, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
March 31, 2000 December 31, 1999
ASSETS (unaudited) (unaudited)
Current assets:
Cash and cash equivalents $ 6,394 $ 9,193
Accounts receivable 3,684 5,300
Deferred income taxes and
other current assets 5,630 5,170
Total current assets 15,708 19,663
Property and equipment, net 1,637 1,479
Other assets 1,536 2,036
------- -------
$18,881 $23,178
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 572 $ 514
Deferred revenue 1,989 1,997
Accrued liabilities 3,120 3,289
Total current liabilities 5,681 5,800
Stockholders' equity:
Common stock 42 41
Paid-in capital 9,641 8,681
Retained earnings 3,517 8,656
Stockholders' equity 13,200 17,378
------- -------
$18,881 $23,178
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